Statoil

22 February 2014

Oil and gas were discovered in two exploration wells in North Sea PL 272. The main wellbore, 30/11-9S, tested the Askja West prospect and proved a net gas column of 295 ft in Late and Middle Jurassic rocks. The sidetrack well, 30/11‑9A, tested the Askja East prospect and proved a net oil column of 131 ft in the same geological formations. Operator Statoil (50%) estimates total Askja East and West volumes at 19 to 44 million bbl of recoverable oil equivalent. Statoil’s PL 272 partners are Det norske oljeselskap (25%) and Svenska Petroleum Exploration (25%).